Erg, through its subsidiary ERG Power Generation SpA, has entered into an agreement with Achernar Assets AG, an investment holding company based in Switzerland, to sell the entire capital of ERG Power Srl, the company that owns thethermoelectric plant cogeneration Combined Cycle Gas Turbine (CCGT) a Minimal environmental impact and high efficiency, powered by natural gas, located in Priolo Gargallo (Syracuse). The agreement on the sale, announced on Thursday evening with the stock market closed, met with very positive feedback: this morning Erg saw an increase of 3,3%, leading the rises on the Milanese Ftse Mib at 11.
The numbers and terms of the agreement
The plant has an installed capacity of 480 MW and produces on average around 2,4 TWh electric energy and 1,2 million tons of steam annually. The plant's production is mainly destined for the Priolo industrial site through long-term contracts.
The agreement provides for the sale of the plant a Achernar Assets AG, a company that operates mainly in the energy, medical technology, infrastructure and financial services sectors, mainly controlled by the Agusta family, known in the global aviation sector.
The value of the operation, in terms of Enterprise Value, amounts to 191,5 million euro, including working capital and tax credits for a total of 88,5 million euros. It is expected that the collection of these amounts will occur between the signing of the agreement and the closing of the transaction. In addition, earn-outs linked to the business result in 2024 and 2025 have been agreed, as well as certain tax aspects for a total of approximately 14 million euros, which would bring the total value of the plant to 205,5 million euros. The price is based on a Locked Box Date on January 23, XNUMX and will be subject to adjustments at the time of closing of the transaction, according to the mechanisms established by the contract.
The closing of the transaction is subject, among other things, to the successful completion of the procedure golden power at the Presidency of the Council of Ministers and is expected by the end of the current year.
An important step towards the net zero goals
Paolo Merli, Chief Executive Officer of Erg, commented that the sale of Erg Power allows the group to complete the transformation into a business model completely focused on the production of wind and solar energy, a fundamental step for achieve the goal of “net zero” that the group has set itself as part of the ESG plan.
Merli expressed satisfaction with the evaluation of the plant, consistent with the hypotheses of the industrial planee the net financial debt prospects communicated to the market for 2023. He also underlined the interest and commitment shown by the buyer in enhancing the skills and know-how of the people involved in the transaction, thus guaranteeing the continuity of the company, which is considered strategic for the future of the Sicilian industrial hub.
